Investor-State Arbitration

Experience

    • Francesco Becchetti and five other Italian investors in ICSID proceedings against Albania arising out of claimants’ investments in a hydroelectric plant and a media company, winning a historic order of provisional measures suspending criminal and extradition proceedings, and resulting in a favorable award.
    • The State of Qatar and Qatari entities and individuals in international claims arising out of the measures imposed by the United Arab Emirates, Saudi Arabia, Bahrain, and Egypt against Qatar, including twice prevailing in proceedings on provisional measures before the International Court of Justice against the United Arab Emirates, and in investment arbitrations and claims in other international tribunals.
    • The Russian Federation in an arbitration brought by Luxtona (a former Yukos Oil subsidiary) under the Energy Charter Treaty and the UNCITRAL Rules relating to an alleged expropriation and other breaches. The claims relate to shares allegedly held by Luxtona in its former parent company.
    • Tethyan Copper Company in its US$6 billion arbitration win against the Islamic Republic of Pakistan, which is the second-largest ICSID award ever rendered.
    • Claimant Tethyan Copper Company (jointly owned by Barrick Gold and Antofagasta Minerals) in an ICC arbitration against the Pakistani province of Balochistan in disputes regarding a copper and gold mining project in the west of Pakistan.
    • BTL Employees' Trust, a shareholder in Belize Telemedia Limited, concerning the re-nationalisation without compensation of BTL, and the amendment of the Belize Constitution to enshrine the nationalisations and to curtail the courts’ power to protect fundamental rights, including the right to property.
    • Occidental Petroleum Company and Occidental Exploration and Production Company (“Occidental”) in an ICSID arbitration, winning one of the largest ever BIT awards, $1.1 billion ($1.4 billion including interest). The filing of the claim was made two days after Ecuador terminated all of Occidental’s exploration and production rights and seized all of its assets in the country. Ecuador and Occidental have arranged for payment of this award.
    • Perenco Ecuador, prevailing on novel jurisdictional and merits issues in an ICSID arbitration arising out of the Republic of Ecuador’s unilateral increase of its participation to 99% of all revenues from oil sales above a fixed “reference price” and its declaration that Perenco’s contracts had come to an end. Perenco is now entitled to approximately US$435 million, net of cost recovery and other factors, which is the largest compensation amount that any investment tribunal has awarded against Ecuador for its imposition of Law 42.
    • Occidental Petroleum Corporation in winning over $130 million in damages in a BIT arbitration resulting from Ecuador’s failure to refund VAT payments to Occidental.
    • Mobile TeleSystems in its investor-state arbitration against Uzbekistan brought under the Additional Facility of the International Centre for the Settlement of Investment Disputes (ICSID), including successfully defending an Article 45(6) application.
    • ExxonMobil and Murphy Oil in a NAFTA claim against the Government of Canada arising from requirements imposed by the Province of Newfoundland and Labrador. The Tribunal handed down its Decision on Liability and on Principles of Quantum ruling in favor of our clients that Newfoundland’s regulations violated NAFTA.
    • Holcim and its subsidiaries, Holderfin B.V. and Caricement B.V., against Venezuela in proceedings before ICSID under the Switzerland-Venezuela BIT and the Netherlands-Venezuela BIT, asserting claims that Venezuela’s nationalization of Holcim Venezuela constituted unlawful expropriation and discrimination. After Holcim filed its statement of claim, the parties agreed on a settlement providing for compensation of $650 million.
    • Autopista Concesionada de Venezuela, C.A. (“Aucoven”) in an ICSID arbitration against the Republic of Venezuela, where the tribunal issued a final award finding liability and damages against Venezuela involving claims arising from the breach of a concession agreement for a toll road in Venezuela.
    • The lead claimant in Reineccius, First Eagle, and Mathieu v. Bank for International Settlements, in which a five-member tribunal constituted under the 1930 Hague Agreement awarded private shareholders some $500 million.
    • A Canadian mining group in a dispute with the government of an African country, concerning claims of breach of the tax stabilisation and other provisions of an agreement for the operation of a copper treatment facility, and an expropriation of certain of the mining company’s rights.
    • OEPC, a subsidiary of Occidental Petroleum, in an ICSID proceedings against the Government of Ecuador for wrongful termination of Block 15 Contract in Ecuador.
    • Dresdner Bank, Barclays Capital, Mizuho Corporate Bank, and Saudi American Bank in BIT claims based on the Saudi Kingdom's apparent repudiation of obligations to pay over $900 million under Saudi-law assignments.
    • Waterford Partners, LLC in a dispute with Bangladesh arising from claims of expropriation and unlawful treatment of an investment under U.S.-Bangladesh BIT in relation to shares in E-TV.
    • Grupo ICA S.A. de C.V. in claims against the government of Argentina under the Argentina-Mexico BIT relating to the Caracoles hydroelectric project in the Province of San Juan, Argentina.
    • Poštová Banka of Slovakia in investment treaty claims against Greece arising from the Greek debt restructuring.
    • British Caribbean Bank Ltd, in successfully defending anti-arbitration injunction proceedings brought by the Government of Belize to avoid arbitration under a BIT in the courts of Belize and the Caribbean Court of Justice (before which Debevoise is believed to have been the first non-Caribbean firm to argue a case).